The Re-emergence Of The First-Time Homebuyer

Remember the 90s? That's the last time first-time homebuyers purchased homes at the same level as second quarter 2017.

 
 

Do you remember the 90s? A Google search on highlights of the 90s include great topics such as:

  • The Budweiser “Wazzup” ads.
  • Bill Clinton and Monica Lewinsky.
  • The the birth of grunge — Nirvana, Pearl Jam, etc. — and the flannel shirt and grunge look.
  • Michael Jordan and the dominance of the Chicago Bulls in the NBA.
  • The Walkman (the precursor to the iPod if you don’t know what a Walkman is).
  • Preparing for the end of the world — aka Y2K

All of these are long gone — some thankfully, some missed.

But at least one thing now seems to be coming back: the re-emergence of the first-time homebuyer. 

According to Mortgage Professional America, first-time homebuyers in second quarter accounted for the highest number of first-time homebuyers since 1999.

And according to Genworth Mortgage Insurance, first timers purchased approximately 570,000 homes in Q2. Genworth's data says first-time buyers accounted for 57% of total home purchases in the quarter.

For those math-challenged folks out there, that’s more than half — or one of every two — buyers. WOW!

Click over to the Mortgages Are Memberlicious blog to finish reading about what credit unions can offer to first-time homebuyers.

 
 

Sept. 7, 2017


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